13 Feb STRATEGIC INNOVATION: HOW DOES IT WORK?
Strategic innovation as a whole touches on the farsighted approaches that challenge conventional thinking to unlock newfound value, while also disrupting the competitive landscape for incumbent organizations and even entire industries. To put things in perspective, according to strategy consultants and keynote speakers, strategic innovation occurs when visionary thinkers identify overlooked opportunities, reframe perspectives or combine existing concepts in ways that defy business as usual – helping forward-looking companies capitalize on revolutionary possibilities rather than merely keeping pace.
Rather than focusing solely on enhancing or expanding current products through incremental improvements (sustaining innovation), strategic innovation introduces breakthroughs that make existing offerings obsolete overnight. For example, streaming media services strategically innovated by delivering unprecedented consumer choice and convenience, thoroughly displacing established distribution channels. Tactical moves shape the next normal, and just like Napster disrupted music or ridesharing upended taxis – the companies that strategically innovate unlock such game changing moves before impatient competitors.
The practice of strategic innovation requires a culture embracing imagination, experimentation and intelligence gathering that questions everything without limits in order to envision what could be. Leadership is key in enabling environments where people can pursue courageous creativity that bucks trends through targeted investment, without concentrations of power suppressing new perspectives. Innovation strategists must balance between patient order and chaotic disruption to pinpoint viable openings.
On the whole, strategic innovation means detecting unmet needs early while devising solutions others dismiss as impractical today but can scale aggressively tomorrow. It means having the conviction to challenge even profitable staples within one’s own organization before they inevitably commoditize. And it requires incubating big ideas that existing systems are not equipped to handle until eventually they redefine convention. With rapid technological advancement constantly unlocking new possibilities, the ability to think strategically beyond the status quo can make or break business fortunes in the decades ahead. And so the practice continues to remake the world around us.